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Possible Bearish Inside Day Candle Pattern Detected for Hollysys Automation Technologies (NASDAQ:HOLI)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Hollysys Automation Technologies (NASDAQ:HOLI) based on the price action in the company's shares. Today's price range of $18.01 and $18.49 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Hollysys Automation Technologies may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Hollysys Automation Technologies share prices have been bracketed by a low of $4.54 and a high of $19.43 and are now at $18.18, 300% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 0.3%.

Hollysys Automation Technologies has overhead space with shares priced $18.18, or 7.0% below the average consensus analyst price target of $19.55. Hollysys Automation Technologies shares have support at the 50-day moving average (MA) of $17.25 and additional support at the 200-day MA of $14.19.

Hollysys Automation Technologies Ltd. manufactures automation and control systems. The Company produces process, industrial, rail and subway, and nuclear power plant automation equipment.

SmarTrend recommended that subscribers consider buying shares of Hollysys Automation Technologies on July 11th, 2013 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $12.60. Since that recommendation, shares of Hollysys Automation Technologies have risen 46.7%. We continue to monitor HOLI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle hollysys automation technologies

Ticker(s): HOLI